According to Filecoin, this endeavor will bring transparency for carbon offsets.
Filecoin Green, a Protocol Labs initiative created to lessen Filecoin’s environmental effect and make it verifiably sustainable, has come up with an undertaking to power the third generation of the internet with clean energy.
The institution intends to overcome the drawbacks of conventional carbon storage systems by “marrying blockchain’s granular monitoring capability with the information-sharing architecture of web3,” according to the statement released.
In order to solve the conventional storage issues for all forms of digital environmental assets including renewable energy credits, Filecoin Green created the CO2.Storage, a web3 data storage solution. This solution aims to offer transparency for carbon offsets.
As part of the endeavor, Filecoin Green has also teamed up with a number of businesses that are engaged in tokenizing carbon offsets, including Toucan, Gainforest, Thallo, Envision Blockchain, Ripple, the HBAR Foundation, and the Return Protocol.
As a result of the data storage solution, a transparent system for carbon credits will be created. Carbon credit suppliers will be able to establish their own data schemas and store this data through content-addressing on Filecoin and the InterPlanetary File System.